20. Exemption from income tax of profits and income of a company

The profits and income within the meaning of paragraph (a) of section 3, (other than any profits from the sale of capital assets), of any company from any specified undertaking referred to in subsection (2) and which commences business on or after April 1, 2000 shall, notwithstanding anything to the contrary in Chapter IX, be exempt from income tax for a period of ten years reckoned from the commencement of the year of assessment in which such undertaking commences to carry on business.

For the purpose of subsection (1), “specified undertaking” in relation to any company and to any year of assessment means an undertaking carried on by that company and which is engaged in—